But the dollar continues to find a little more footing overall. The Fed minutes will be a highlight on the calendar this week, so keep an eye on them. However, starting tomorrow, things should start to pick up for some other releases as well.
For now, the overall mood is stable, but also more tentative. However, if you look at the short-term chart below, the dollar has made some progress.
EUR/USD hourly chart
AUD/USD Hourly Chart
For EUR/USD and AUD/USD, prices are below their respective 100-hour moving averages (red lines). And that suggests that the short-term bias is now shifting in a more neutral direction. NZD/USD is currently observing a similar interaction.
In other words, dollar bulls are looking to regain control of the charts as the week begins.
Additionally, USD/JPY is also approaching last week’s high of 156.78, while USD/CHF has once again made a decent bounce from 0.9000 and is currently sitting near 0.9100.
If anything, I’d like to read this as saying that there’s still a lot of competition left in this week’s trades. And the initial reaction to last week’s U.S. Consumer Price Index (CPI) report was not yet actionable.
